Owning a business comes with responsibilities, often including the need to buy insurance. As you start browsing for salon insurance coverage, you should consider the types of policies you likely will need, because different policies cover different liabilities within the business. You also should learn about the value of the various policies, taking into account that some areas require certain amounts for certain things. In addition, you should compare price quotes before you choose salon insurance, with the intention of keeping it affordable yet effective.
One of your first steps should be to consider the kind of coverage you need, because there are several types. For example, among the most important types of coverage is a policy that will pay medical expenses if one of your customers is hurt while on your property, because you may have to pay their bills if you do not have liability insurance. You also typically need professional liability insurance, which will cover your salon in the event that a customer accuses you of negligence or incorrect advice. In addition, you need to insure your property and salon supplies against damage, such as from a fire, flood or theft. If you have employees, one type of salon insurance that may help is workers' compensation, which will cover any medical bills if employees are injured on the job.
Once you are aware of the types of salon insurance that can benefit your business, you should consider the amount of coverage you need. Many areas have minimum amounts when it comes to liability coverage and workers' compensation, so you are advised to ask a local insurance agent for this number, or perform the research on your own. When insuring your property, the minimum usually is the amount that it would take to rebuild the structure if it were damaged, so you should typically take into account its value when determining this figure. Your liability coverage usually is left up to you, so you are encouraged to take inventory of the salon products you have. You should make a list of the cost of the items you could not afford to replace on your own if they were to be stolen or damaged; you then should use the total price of the listed items to determine the amount of coverage you should seek.
As you search for the right salon insurance, you likely will be paying close attention to the cost of the premium and deductibles. Though it typically is wise to save money when you can, you should note that insurance premiums often can be deducted from your taxes, because they usually are considered a business expense. You also should note that many providers offer a discount when you buy more than one policy, so the initial price quote you get for a single policy might drop when you combine it with others.